The ACPR reports an upsurge in fake passbook scams – July 2022 – News – Financial investment

Shortly before the announcement of the revision of the rate of regulated savings accounts, the ACPR published a warning concerning the increase in financial scams. In June, more than 430 sites join its blacklist of service providers to avoid. These bogus brokers offer insurance contracts, payment services and savings books outside of any regulatory framework.

In addition to their activities of monitoring and certifying financial operators, the AMF and the ACPR also have the task of protecting, preventing and informing savers, within the framework of their joint “Insurance, Banking and Savings” division. This responsibility includes in particular the monitoring of sites that offer financial services and products, the objective being to verify their legality. Regulators regularly identify new URLs that violate French and European regulations on the distribution of financial products. These sites are registered in a blacklist, which has just been updated.

Slight increase in fake passbook scams

In 2019, shortly before the Covid, less than 500 suspicious sites were blacklisted by the ACPR and the AMF. Since then, scams with fake A booklets, insurance contracts and other fraudulent financial products have continued to multiply. In 2020, regulators identified 1,080 new rogue sites, a figure that rose to almost 1,200 in 2021. This year, the trend is slightly upward. Since January,

ImportantFinancial sector police have already added 685 URLs to their blacklist,

Including 437 sites during the second quarter.

For the banking policeman, this resurgence is partly linked to the increase in the connection time of bank customers and savers. This phenomenon also results:

  • A multiplication of duplicate sites;
  • A growing effort by thugs to impersonate authorized actors.

ImportantThe ACPR also sees in these statistics a marked improvement in its monitoring measures, which have made it possible to detect scams more quickly.

Despite these advances, the banking police maintains its calls for vigilance. Scammers are perfecting their fraudulent practices almost every day. Customers, savers and retail investors must adapt accordingly and strengthen precautionary measures against phishing and identity theft attempts notably. To inform the public, the joint AMF-ACPR unit updates the list of suspicious sites on the ABE Infoservice platform.

False investments more attractive with inflation

In its report, the ACPR notes a diversification of fraudulent offers concocted by crooks. Of course, regulated booklets remain the most widely used bait, due to their low remuneration and simplified subscription procedures. Taking advantage of inflation, scammers trick their victims with more profitable investment vehicles and offering a capital guarantee as a bonus. The average losses on passbook scams amount to 72,000 euros according to the banking policeman.

The ACPR even believes that the damage could be greater, knowing that most victims do not declare their misadventure. To avoid falling into the trap,

The authorities are calling on savers to be wary of any passbook offer at more than 4%.

In addition to fake passbook scams, these new breed of thieves are also trying out other products, such as:

  • Cryptocurrencies;
  • Life insurance contracts;
  • Stock market investments.

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